2021 has had its fair share of uncertainties and continues to raise many questions for those looking to change their current environment. Many are looking to invest in a new home, but many are concerned with the risks that the current housing market conditions bring and whether or not it is wiser to wait until next year. What are the options? Here is what to know for the housing market this year, and why you can still build a custom home in 2021.
If there is anything that real estate experts can agree on, it is that the demand for new homes has soared in 2020-2021. One of the reasons for this may be that people have been more focused on their homes and became eager for a change in their environment. Perhaps the most prominent reason is that millennials are in the age range when moving out and buying their first home is the norm. With the high level of millennials increasing the demand pool and Gen Z coming in close behind, high demand is unlikely to decrease in coming years.
In the meantime, it is no secret that the cost of homes and building materials has risen as well. Lumber shot up higher than ever in the summer of 2021 but has since been falling. The price of existing homes likewise surged, but has begun to decline since mid-summer. Experts deem the soaring housing prices to be due to an increase in homes for sale that are above $500,000, as well as the effects of a restricted economy. While the median price for all existing homes rose by 17.8% from July 2020 to July 2021, the future months will tell what next year’s housing market will be like.
Time to Build
It does not necessarily cost any more to build a home than to buy an existing one. Many people dream of building their own home, and some find that building one fit for them is less expensive than existing homes for sale in the area! If you desire to build a custom home, there is no reason to let go of that vision. Keep in mind that it takes months to plan and secure land for the build, so you have plenty of time to get started.
Are You Ready?
If the point has come in your life when moving house is the right decision for you, there is no need to debate. There is never a time too early to start planning your dream home, and finding the right land is a once-in-a-lifetime opportunity. If you are ready to build a custom home in 2021 in Maryland, contact Viking Custom Homes!
Let us be Your Trusted Maryland Home Builder
Are you ready to bring your dream home to life? Enlist the difference of Viking Custom Homes, Maryland’s trusted home builder of high-quality single-family homes for more than three decades. With over 30 years of experience and a reputation of excellence in over five Maryland counties, we offer the highest standard of customer service and quality assurance for your new home. If you are looking to build on one of our beautiful homesite offerings or on your own lot, we are eager to help you every step of the way towards building your dream home. Let us bring your dream to life by building a home where life unfolds! Contact us online or call today at 410-977-2188 to speak with a member of our trusted team. You can also visit our Facebook, Twitter, or LinkedIn for more information.